Exports of nearly KRW 100 billion in the first half of the year…Aside from minerals from traditional major exports, imports of rice and rice increased 105 times from last year…Import items have diversified since April.Exports of North Korean wigs and artificial eyelashes to China soared nearly 190 times in the first half of the year, accounting for about half of North Korea’s total exports, emerging as a leading item of foreign currency earning.It was originally Korea’s main export item in the 8.90s, and since then, it has been an export item for countries with competitive labor costs in China and Southeast Asia.According to the analysis of data from the China Customs Service, North Korea’s exports of wigs and artificial eyelashes to China in the first half of this year were USD 76,367,516, an increase of 188 times compared to the same period last year.
This accounted for 56.6% of North Korea’s total exports to China in the first half of this year.According to a report titled “North Korea’s Foreign Trade Trends in 2022” released by the Korea Trade-Investment Promotion Agency (KOTRA) the previous day, trade with China accounted for 96.7% of North Korea’s total trade of $1.585.61 billion last year, and trade with the rest of the world, including Vietnam, accounted for only 3.3%.
Considering that North Korea’s trade with China is absolute, the proportion of wigs and eyelashes in North Korea’s total exports in the first half of the year is estimated to be about half.In the first half of the year, exports of wigs and eyelashes, in particular, were 1.7 times higher than exports of $44.58 million last year of minerals (mineral, slag, and sashimi), North Korea’s largest export item compiled by KOTRA.North Korea’s exports of wigs and eyelashes, which were insignificant until the first half of last year, reached $1.826 million in October last year, shortly after the resumption of North Korea-China freight trains, and soared to $8.9 million in December.This year, it steadily increased to $4.822 million in January, $5.442 million in February, and $8.687 million in March, and then increased 165% from the previous month to $23.053 million in April.It slowed down in May, down 32% from the previous month due to Chinese authorities’ regulations to prevent overheating of trade, but recovered to $18.749,800 in June, up 20% from the previous month. The export of wigs and eyelashes in June is the second largest this year after April.North Korea, which has been blocked from exporting underground resources such as coal and iron ore, which have been traditional export products due to U.N. sanctions, has focused on exporting wigs and eyelash forestry products since the second half of last year.
North Korea imports raw materials from Dandong, China, the largest trading hub between North Korea and China, processes them as finished products, and re-exports them to China.Faced with severe food shortages, North Korea imported $53,391,616 worth of rice and rice from China in the first half of this year. Imports increased 105 times from the previous year.In particular, rice and rice imports reached $21,761,414 in March, up 175% from the previous month. However, it plunged 73% month-on-month to $5,853,353 in April, and remained similar to April in May (US$7,135,798) and June (US$6,379,251).Analysts say North Korea has diversified its imports into daily necessities such as cooking oil and clothing and building materials as food shortages eased as a result of its large imports of rice and rice since the second half of last year.Trade between North Korea and China in the first half of this year was USD 1.055.75 billion, up 211% year-on-year, and recovered to 84% of the first half of 2019 before the outbreak of COVID-19.Among them, North Korea’s imports increased 204 percent year-on-year to $920.74 million, which was 80% of the first half of 2019.
During this period, North Korean exports recorded $135 million thanks to strong exports of wigs and eyelashes, up 275% from the same period last year, and 24.6% from the first half of 2019 before the outbreak of COVID-19. As sanctions against North Korea are being imposed under the leadership of the U.S., North Korea is appealing every day with intercontinental ballistic missile protests, and Russia, China, and North Korea have international Northeast Asia and Eastern Europe
The situation is at odds with North America
KS CHOI
US ASIA JOURNAL
